Mandatory and Optional Prepayments. 3.3.1. Proceeds of Sale, Loss, Destruction or Condemnation of ------------------------------------------------------ Collateral. Except for dispositions of assets permitted by subsections ---------- 8.2.9(ii) and 8.2.9(iii) and except as provided in subsection 8.2.9(v), if any Borrower or any of its Domestic Subsidiaries sells any of its Property or if any of its Property is lost or destroyed or taken by condemnation, the applicable Borrower or Domestic Subsidiary shall, unless otherwise agreed by Required Lenders, pay to Agent for the benefit of Lenders as and when received by such Borrower or such Domestic Subsidiary and as a mandatory prepayment of the Loans, as herein provided, a sum equal to the proceeds (including insurance payments but net of costs and taxes incurred in connection with such sale or event) received by such Borrower or such Domestic Subsidiary from such sale, loss, destruction or condemnation. To the extent that the Property sold, lost, destroyed or condemned consists of Equipment, real Property, or other Property other than Accounts or Inventory, the applicable prepayment shall be applied, subject to Section 3.11, first, ----- to Agent's costs and expenses relating to the relevant transaction, second, to the installments of principal due under the Term A Notes ------ ratably, to be applied to future installment payments in inverse order of maturity until paid in full,
(a) the Special Reserve shall be terminated after the Term B Notes have been paid in full and (b) notwithstanding the foregoing, if (1) on the date such prepayment is made no Event of Default is in existence or would be caused thereby and (2) Availability immediately after making such prepayment is equal to or greater than $5,000,000, such prepayment shall be applied to the Obligations, first, to Agent's costs and ----- expenses relating to the relevant transaction, second, to the ------ installments of principal due under the Term A Notes ratably, to be applied to future installment payments in inverse order of maturity until paid in full, third, to the principal outstanding under the Term ----- B Notes ratably, until paid in full, fourth, to reduce the outstanding ------ principal balance of the Revolving Credit Loans (but not to permanently reduce the Revolving Loan Commitments), and fifth, to repay other ----- Obligations then due and payable. To the extent that the Property sold, lost, destroyed or condemned consists of Accounts or Inventory, the applicable prepaym...
Mandatory and Optional Prepayments. 16 3.4. Application of Payments and Collections.........................17 3.5. All Loans to Constitute One Obligation..........................18 3.6. Loan Account....................................................18 3.7. Statements of Account...........................................18 3.8.
Mandatory and Optional Prepayments. 3.3.1. Proceeds of Sale, Loss, Destruction or Condemnation of Collateral. Except as provided in subsections 6.4.2 and 8.2.9, if any Borrower or any of its Restricted Subsidiaries sells any of the Collateral or if any of the Collateral is lost or destroyed or taken by condemnation, the applicable Borrower shall, unless otherwise agreed by Majority Lenders, pay to Agent for the ratable benefit of Lenders as and when received by such Borrower or such Restricted Subsidiary and as a mandatory prepayment of the Loans, as herein provided, a sum equal to the proceeds (including insurance payments but net of costs and taxes incurred in connection with such sale or event) received by such Borrower or such Restricted Subsidiary from such sale, loss, destruction or condemnation. In each case, the applicable prepayment shall be applied to reduce the outstanding principal balance of the Revolving Credit Loans and any applicable Intercompany Loans, but shall not permanently reduce the Revolving Loan Commitments. If the Collateral subject to such sale, loss, damage, destruction or condemnation consists of Eligible Accounts or Eligible Inventory, such prepayment shall be specifically applied against the portion of the Borrowing Base (and the applicable Individual Borrowing Base) predicated on such Collateral. If the Collateral subject to such sale, loss, damage, destruction or condemnation consists of Equipment or real Property, then the Additional Amount and the Fixed Asset Sublimit shall be permanently reduced by the amount of such prepayment, on a pro rata basis; in each case, the applicable Individual Borrowing Base shall also be reduced by an allocable portion of the amount of such prepayment.
Mandatory and Optional Prepayments. If at any time the aggregate unpaid principal balance of all Advances under the New Line exceeds $6,000,000, the Borrower shall immediately prepay such portion of the principal amount outstanding in an amount sufficient to reduce the aggregate unpaid principal balance to an amount which is not greater than $6,000,000. Subject to Section 2.
Mandatory and Optional Prepayments. The Borrower shall prepay the Revolving Loan if and to the extent that the outstanding principal amount of the Revolving Loan shall from time to time exceed the limits therefor. In addition, the Revolving Loan may be prepaid at any time at the option of the Borrower without premium or penalty. All prepayments required or permitted hereunder shall be applied first to prepayment of accrued and unpaid interest on the Revolving Loan and then to the prepayment of the outstanding principal of the Revolving Loan in the inverse order of maturity thereof.
Mandatory and Optional Prepayments. The Borrower may, at any time, prepay all or any part of the Advances without premium or penalty. If at any time the aggregate unpaid principal amount of the Advances exceeds the Commitment, the Borrower shall immediately prepay Advances in an amount sufficient to reduce such aggregate unpaid principal amount to an amount that is not greater than the Commitment. Such payment shall be applied by the Lender to repayment of Advances in such order as the Lender in its sole discretion shall select. Upon such prepayment by the Borrower, the Lender shall advise the Borrower of, and the Borrower shall immediately pay to the Lender, the amount of accrued and unpaid interest at the interest rate set forth herein on the amount of such prepayment of each Advance to the date of such prepayment.
Mandatory and Optional Prepayments. Application of Payments and Collections..
Mandatory and Optional Prepayments. 3 2.6. Interest........................................................... 4 2.7. Proceeds........................................................... 5 2.8. Collection Account................................................. 5 2.9.
Mandatory and Optional Prepayments. If after a reduction of the Revolving Credit Commitment as provided in Section 2.02 or at any other time, the aggregate unpaid principal balance of the Revolving Credit Loans exceeds the Revolving Credit Commitment, the Borrower shall immediately prepay Revolving Credit Loans in an amount sufficient to reduce such aggregate unpaid principal balance to an amount that is not greater than the Revolving Credit Commitment. If after a reduction of the Term Loan Commitment as provided in Section 2.02 or at any other time, the aggregate unpaid principal balance of the Term Loan exceeds the Term Loan Commitment, the Borrower shall immediately prepay the Term Loan in an amount sufficient to reduce such aggregate unpaid principal balance to an amount that is not greater than the Term Loan Commitment. The Borrower may at its option, upon at least one (1) Business Day’s notice to the Agent, in the case of Base Rate Loan at least two (2) Business Days’ notice to Agent in the case of each LIBOR Rate Loan (provided that once three (3) or more Banks are parties to this Agreement then the Borrower shall give the Agent three (3) Business Days notice in the case of each LIBOR Rate Loan), prepay without premium or penalty any Loan in whole or in part with accrued interest to the date of such prepayment on the amount prepaid, provided that (1) each partial prepayment shall be in a principal amount of not less than Five Hundred Thousand Dollars ($500,000.00); and (2) LIBOR Rate Loans may be prepaid only on the last day of the Interest Period for such LIBOR Rate Loan; and (3) in regard to the Term Loan, prepayments shall be applied to the principal installments of the Term Note in the inverse order of their maturities. Any prepayment not made in accordance herewith shall be accompanied by such additional amounts deemed necessary by the Banks to compensate the Banks for any losses, costs or expenses which the Banks may be deemed to incur as a result of such prepayments. No prepayment will affect the Borrower’s obligation to continue to make payments under any Swap Agreements which will remain in full force and effect notwithstanding that prepayment. Upon receipt of any such prepayments, the Agent will promptly thereafter cause to be distributed such prepayment to each Bank for the account of its applicable Lending Office in the proportion that each such Bank’s Loan to which the prepayment applies bears to the total amount of all the Banks’ Loans to which the prepayment applies.
Mandatory and Optional Prepayments. 8 Section 2.7. Proceeds ......................................................9 Section 2.8. Pledged Accounts ..............................................9 Section 2.9. Payments and Computations, Etc ...............................10 Section 2.10. Reports ......................................................10 Section 2.11. Sharing of Payments, Etc .....................................10 Section 2.12. Right of Setoff ............................................
